We have all heard the saying that the only thing constant is change. As the dynamics of our lives change, so do our home needs.

What stage is your life in? Has the last child left the nest and you and your spouse have far more space than you need? Perhaps retirement is just around the corner and you are hoping to travel and be away from your home much more. Or maybe you are considering the purchase of a second home in a different climate for the winter months. Whatever your reason, it may be time to consider downsizing.

What should you look for? It may be preferable to have a smaller home in a gated community where much of the required maintenance is taken care by the strata or condo association. This would allow you to travel more often with greater peace of mind.

Another option may be a smaller open-concept home, which can be very easy to maintain. That factor can be increasingly important as people age and face declining health and energy levels. Many builders consider the needs of older buyers by designing spaces with everything on one floor. That eliminates the need to negotiate flights of stairs when doing laundry, bringing in the groceries or just heading to bed.

When should you do it? The recent decline in the market has many people waiting for a rebound with hopes of maximizing the equity in their home. In reality, if you are ready, then the best time to make a move is now. It is important to realize that markets are relative. When the price of your home is down, so are the prices of the homes around you. Conversely, when the market is up, your house will sell for more but the replacement cost will also go up. Your net gain will be virtually the same.

Take some time to take stock of your situation so you can get a clear picture of what your home needs truly are. From there, remember there is no time like the present to take action. As ski and snowboard filmmaker Warren Miller notes, "If you don’t do it this year, you will be one year older when you do."

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